An energy firm run by Aubrey McClendon, the former Chesapeake Energy Corp (CHK.N) chief executive, has raised $1.7 billion to drill on shale acreage in Ohio's Utica Shale, the firm said on Wednesday.
Proceeds will initially be used to acquire and drill on about 110,000 acres in the southern portion of the Utica Shale.
Drilling operations will begin with one rig in the fourth quarter of 2013, and the firm plans to increase drilling activity to at least 12 rigs over the next 2 to 3 years, the firm said.
McClendon, who co-founded Chesapeake in 1989, left in April after clashes over spending with the company's board and a series of Reuters investigations led to civil and criminal probes of the company.
An internal investigation by Chesapeake's board has cleared McClendon of any intentional wrongdoing.
TVNL Comment: What will it take to wake the country to the destruction of its air and soil and water? Just asking....